Peoples Trust and Savings Bank

The FDIC issued an Order to Pay a Civil Money Penalty to Peoples Trust and Savings Bank, Riverside, IA, directing it to pay a CMP of $6,000 for violations of the Flood Disaster Protection Act. The FDIC determined that the Bank engaged in a pattern or practice of committing violations of the FDPA and the notice requirements under §1364 of the National Flood Insurance Act of 1968, and part 339 of the FDIC's rules and regulations because the bank:

Made, increased, extended or renewed loans secured by a building or mobile home located or to be located in a special flood hazard area without requiring that the collateral be covered by flood insurance; and

Made, increased, extended or renewed a loan secured by a building or mobile home located or to be located in a special flood hazard area without notifying the borrower and/or the servicer whether flood insurance is available for the collateral,

Misc

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